EUR/GBP set to challenge the 0.8530 mark while below 0.8643 – Commerzbank

EUR/GBP consolidates the previous day’s losses. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to stay pressured while below the 0.8643 mark. 

The 55-DMA at 0.8617 continues to hold the topside

“EUR/GBP tested the 55-day moving average at 0.8617 on Friday, which has so far held the topside. Currently, this is not enough to negate the downside and immediate downside pressure should retain the upper hand while the cross stays below the 0.8643 June 10 high. Slightly further up the late May high can be spotted at 0.8673.” 

“While capped by 0.8643, we remain unable to rule out a slide to last week's low at 0.8530 and further down sits the April low at 0.8471”